American bank Citibank will permanently close its Jurong East branch at the CPF Jurong Building at 12pm on 12 October 2024. This branch is the bank’s last physical location in Singapore. The decision follows increased adoption of digital, online, and self-service platforms for banking activities, as stated in an email sent by Citibank to its customers. Citibank’s CEO, Brendan Carney, had previously indicated in 2023 that the bank planned to close branches where simple transactions, such as cash deposits, were conducted. As of 2019, Citibank had 15 branches in Singapore.
Background
Citibank’s move to close its last branch in Singapore marks a significant shift towards digital banking. The bank has observed a growing preference among its customers for online and self-service banking options. This trend has led to the decision to consolidate physical branches and focus on enhancing digital services. The closure of the Jurong East branch is part of a broader strategy to streamline operations and cater to the evolving needs of its customers.
ATMs at branch no longer available
Following the closure of the Jurong East branch, all automated teller machines (ATMs), cash deposit machines, and express cheque deposit services at this location will be discontinued. Customers are encouraged to use digital, live chat, and in-person channels for their banking needs. Additionally, Citibank’s Wealth Centres at Orchard, Parkway Parade, and One Holland Village will be available for selected in-person services. More information about these centres and the services they offer can be found on Citibank’s website.
In Singapore since 1902
Citibank established its first branch in Singapore in 1902 at present-day Raffles Place, making it the first American bank to set up a branch on the island. Over the years, Citibank has grown to become one of the largest foreign banks and a major credit card issuer in Singapore. According to reports, approximately S$1 in every S$5 spent on cards in Singapore is made using a Citi product. By 2025, Citibank aims to triple its assets managed in Singapore and expand its wealth client base by 2.5 times.
Future implications
The closure of Citibank’s last branch in Singapore signifies a broader trend in the banking industry towards digitalisation. As more customers embrace online banking, traditional brick-and-mortar branches are becoming less essential. This shift is likely to continue, with banks investing more in digital infrastructure and services to meet the changing demands of their customers. Citibank’s focus on wealth management and digital services reflects this ongoing transformation in the financial sector.
